Definitive Analysis
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Definitive Analysis

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Invesco Municipal Trust (VKQ)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$6.00 - $8.20$7.12
Multi-Stage$18.82 - $20.80$19.79
Blended Fair Value$13.45
Current Price$10.07
Upside33.59%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-6.31%-6.44%0.420.420.500.620.600.580.630.720.780.82
YoY Growth---0.80%-16.34%-19.57%3.45%4.54%-8.00%-12.68%-7.47%-4.85%0.63%
Dividend Yield--4.14%4.40%5.30%5.28%4.64%4.58%5.27%6.08%6.15%6.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)67.02
(-) Cash Dividends Paid (M)46.29
(=) Cash Retained (M)20.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.408.385.03
Cash Retained (M)20.7320.7320.73
(-) Cash Required (M)-13.40-8.38-5.03
(=) Excess Retained (M)7.3312.3615.71
(/) Shares Outstanding (M)55.3555.3555.35
(=) Excess Retained per Share0.130.220.28
LTM Dividend per Share0.840.840.84
(+) Excess Retained per Share0.130.220.28
(=) Adjusted Dividend0.971.061.12
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-8.31%-7.31%-6.31%
Fair Value$6.00$7.12$8.20
Upside / Downside-40.40%-29.33%-18.58%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)67.0262.1257.5853.3749.4745.8647.23
Payout Ratio69.07%73.25%77.44%81.63%85.81%90.00%92.50%
Projected Dividends (M)46.2945.5144.5943.5742.4541.2743.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-8.31%-7.31%-6.31%
Year 1 PV (M)42.2742.7343.19
Year 2 PV (M)38.4839.3240.17
Year 3 PV (M)34.9236.0837.26
Year 4 PV (M)31.6133.0134.46
Year 5 PV (M)28.5430.1431.80
PV of Terminal Value (M)865.70913.95964.32
Equity Value (M)1,041.521,095.221,151.20
Shares Outstanding (M)55.3555.3555.35
Fair Value$18.82$19.79$20.80
Upside / Downside86.87%96.50%106.55%

High-Yield Dividend Screener

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